Our Lizzie was constructed at Mounts Bay, Porthleven, Cornwall, as a fishing lugger. The vessel was towed across the harbour by Brewster’s Fairground Steam Engine, then turned and carefully lowered into the water. Oliver-built boats were traditionally launched bow first. These drifters represented a hybrid design, following earlier fast sailing luggers characterized by a tall, dipping lug foresail tacked to the stem-head and a standing lug mizzen sheeted to a longer outrigger.

Originally, Our Lizzie was rigged for fishing with a small lug sail forward and a gaff mizzen aft. Her principal propulsion came from a paraffin engine mounted on the centre line, complemented by a smaller wing engine on the starboard quarter for backup or additional speed. In the 1920s, she was identified as SS55 when moored at St. Ives.

Towards the late 1930s, the vessel was converted into a sailing yacht and subsequently sailed to Dunkirk. Specific details of her role during this period remain unrecorded, except that she was eventually left lying at Newhaven. The War Office then compulsorily purchased her, and she was deployed to Rothesay, Isle of Bute, Scotland, where she primarily transported supplies to anti-aircraft batteries and searchlight positions.

Our Lizzie’s home was in the West Country, and in 1946–1947 she returned to Devon under private ownership. Around this time, her owner reportedly won a substantial sum at the Grand National Horse Race when Freebooter won. A significant portion of the winnings was invested in the vessel, and her name was changed to Freebooter in celebration. She retained this name for the next fifty years.

Initially, Freebooter was employed for charter holidays and later for fishing trips. She also fulfilled requests from elderly sailors to be buried at sea or to have their ashes scattered offshore. Her handsome and rugged appearance, combined with elegant lines, led to more glamorous roles. Under sail, she appeared in the films The French Lieutenant's Woman, Dracula, and The Apple Tree, filmed at Sidmouth.

With her masts removed and a superstructure and funnel added, she featured in every episode of BBC Television’s The Onedin Line. At this stage, the owners decided to restore her original name, Our Lizzie, as a tribute to the boat-builder and in recognition of her unique history.

In 1993, Our Lizzie underwent a comprehensive refit, which included a new iroko deck and a teak deckhouse. The restoration aimed to preserve her traditional style and character while discreetly integrating modern navigation equipment to enhance comfort as a cruising yacht.

After extensive sailing around the Mediterranean, she returned to Dartmouth and was sold. Her new owner lived aboard her, and she spent much of the following seven years on the River Dart. In May 2010, the current owner purchased the vessel and sailed her to Plymouth, where restoration work commenced to return her to full seaworthiness. This restoration included the installation of ten new frames, fourteen new planks, a new mizzen mast, all new spars, refastening, recaulking, and new sails.

Our Lizzie was sailed along the south coast during 2013 and was prepared for a voyage to Dunkirk in 2015.